Kazakhstan’s CBDC Progress: NBK Establishes Regulatory Agency for Digital Tenge 

The National Bank of Kazakhstan (NBK) has established a regulatory agency to lead the development and implementation of the country’s central bank digital currency (CBDC), the digital tenge. Implementation of the digital tenge will be managed by the National Payment Corporation.  The  body will also be responsible for the development of “digital financial infrastructure”. 

According to an official statement on Sept. 15, the National Payment Corporation (NPC) is a reorganization of the Kazakhstan Center for Interbank Settlements. The NPC will oversee the development of “digital financial infrastructure,” including the implementation of the digital tenge. The new body will also oversee the national payment system, including interbank clearing services, digital identification, and money transfers.

NBK deputy governor, Berik Sholpankupov, emphasized the bank’s vision of a “collaboration between traditional finance and DeFi” which could increase financial inclusion and create a path for international trade.  Development of the digital tenge began in February 2023, with a launch deadline set for 2025. 

Currently, the CBDC pilot in Kazakhstan is in a controlled environment with real consumers and merchants. One of the principal partners for the project is the world’s largest crypto exchange, Binance. The company supports the pilot with its technical solution, BNB Chain.

In June, in  conjunction with the regional Freedom Finance Bank, Binance announced the opening of a regulated digital asset platform in Kazakhstan, enabling  users to add fiat money to their platform accounts.